Where There Is Smoke...

Dear friends,

Ed O'Reilly, is a colleague of mine in the fight for equality, dignity, justice, and prosperity for all people. Just a few weeks ago, he reached the end of a great campaign, albeit unsuccessful, against incumbent John Kerry, in the Democratic primaries here in Massachusetts, for the US Senate. I am hopeful that, in the near future, he will try again to gain appropriate support from voters, for some other public office...

Nonetheless, Ed has not stopped in his diligence to offer leadership that is enmeshed in goodwill. With his personal permission, I am honored to share his acerbic insight with you. on the "Bailout" and the general political environment, through this informative piece below.

Cheers!

G. Djata Bumpus
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Where There Is Smoke, There Is (still) Fire!

As we begin this week, we have seen Congress working overtime rushing to put together the largest bailout plan in the history of our United States. Let’s make no mistake what this bailout is all about. It is all about trickle down economics! Every Congressional proposal is FOR the financial industry and NOT FOR average American working families and our senior citizens.

During the campaign, I often talked about the J.P. Morgan takeover of Bear Stearns. How was it that executives from J.P. Morgan could call the power brokers at the Federal Reserve Bank and within days put together a multi-billion dollar deal that gave out a multi-million dollar, no-bid, contract to a company called Black Rock and leave the average American taxpayer holding the risk? The answer is pure and simple—special interest money in politics. If an ordinary American has a financial problem, can he/she call the Federal Reserve and get the same kind of access, service and influence? The answer is clearly and obviously, no.

So, let’s take a look at how this all happens. There is great disparity in terms of access and influence with Washington decision makers. During the campaign, I cited my opponent’s campaign kickoff event as an example of how money gains access, and without access, there can be no influence. Let me be clear here. I use this as an example to illuminate a problem with the system and not, necessarily, with the person.

The election is over, but the system remains. This campaign kickoff dinner had a $1,000 minimum cover charge and $2,300 minimum to have a private reception with an elected U.S. Senator who was elected to serve ALL of the people of Massachusetts. Who would pay a $1,000 cover charge? Certainly an average American can not afford to spend this amount of money for dinner. So, why would a person pay $2,300 for dinner and a reception? The answer is simple. The expensive cover charges are the price of admission, not only to talk with the elected official, but also to help form relationships with others who have paid a similar amount.

Unfortunately, this campaign kickoff dinner is not an isolated occasion linked to this one so-called representative. Events like this happen all across America every week. Looked at from another angle, the contributions to campaign funds by lobbyists, bundlers, and Political Action Committees are the “dues” necessary to become a loosely-affiliated member of the “club”. Over fifty years ago, this “club” is what C. Wright Mills called “The Power Elite”. Mills described this “club” as being glued together by the interwoven interests of our corporate, military, and political leaders. What was written about over fifty years ago, has become fully illuminated by this bailout plan. This “club” is running OUR government! The truth is that ordinary Americans are being left relatively powerless and subject to the manipulation by today’s “ power elite”.

Let’s get back to the rush and panic that has set in and around Washington and, specifically, within Congress itself. Why not wait to have hearings? Are there no alternatives to bailing out the people at the top? Wouldn’t it be better to take $700 billion dollars and put it into direct aid to average Americans? What about all the pillaging that was done by the “greedsters”? The panic and the chaos that has enveloped Washington is the result of the realization that, if hearings were held, the truth would come out.

The truth is that most members of Congress need to look no further than the nearest mirror. The true blame for this mess rests with Congress itself and a system that thrives on special interest money.Recently, we have seen the largest gap in the inequality of income since just before the Great Depression. Out of the Great Depression came reform legislation such as the Glass-Steagall Act (1933), and later the 1956 Bank Holding Company Act, which mandated the separation of banks, insurance companies and securities firms. In 1999, however, Congress passed the Financial Services Modernization Act which basically tore down what has often been called the firewalls between these institutions.

As a result of the lack of regulatory firewalls, the arsonists of greed have pillaged our country and ordinary Americans are left to bear the costs of putting out the fire. Congress is acting quickly to extinguish the flames because the heat is licking at their heels. There is a problem in this country and the problem is special interest money in politics. It is at the root of nearly all political decision-making and, in this case, will keep the embers burning long after temporarily taking the heat away from members of Congress. This bailout plan is a smokescreen and where there is smoke, there remains fire. Let’s make no mistake about this bailout situation. The bottom line is that the middle class is being scorched and a trickling down economic plan will not put out a conflagration fueled by special interest money.

Respectfully,
Ed O’Reilly

PS There were only 8 Senators who voted against the 1999 “Modernization Act” and they were an eclectic mix that seldom, if ever, voted together – liberal stalwart Democrats Boxer, Feingold, Mikulski, and Wellstone to moderate Senators Bryan, Dorgan, and Harkin to the lone Republican, Senator Shelby (R-AL). It will be interesting to see how the remaining 6 U.S. Senators vote on this bailout.
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